U.S. braces for record surge in jobless claims amid coronavirus fallout Follow our live blog for the latest updates on coronavirus:
WASHINGTON - The number of Americans filing claims for unemployment benefits likely raced to as high as a record 4 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt, unleashing a wave of layoffs.
Economists say the economy is already in recession and the jobless claims report would offer proof of that. “Containment efforts in response to the coronavirus resulted in a very sudden and very dramatic change over just a few days,” said Stephen Gallagher, U.S. chief economist at Societe Generale in New York. “Layoffs were part of that change and applicants appear to have flooded state unemployment insurance offices within a very short time-span.”
Morgan Stanley is forecasting unadjusted claims for California, one of the regions hardest hard by the respiratory illness called COVID-19 brought on by the coronavirus, to have shot up by 550,000. California Governor Gavin Newsom said earlier this week that new filings for jobless benefits there were running at an average of 106,000 a day in the past week.
“In addition, reports from some states also suggest that the process for making claims has been in part shifted to a pen and paper approach, potentially delaying the filing process as well,” said Jan Kozak, an economist at Morgan Stanley in New York. “This means that some of the 3.4 million in claims we estimate might have been spread into this week as well.”
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